The deal will reportedly be for five years and $95 million.

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Blake Griffin will sign an extension with the Clippers, keeping him with the team through the 2017-18 season, it was reported Tuesday.

Updated at 5:23 PM PDT on Tuesday, Jul 10, 2012

Blake Griffin and the Clippers have officially agreed to a five-year contract extension, it was reported Tuesday.

The deal could be worth as much as $95 million if any one of the following things happens: Griffin gets voted an All-Star starter again; is named to another All-NBA team; or wins an MVP award. ESPN first reported the deal Tuesday.

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Under the "Derrick Rose Rule" in the new collective bargaining agreement, a player finishing his rookie contract, such as Griffin, can make 30 percent of the team’s salary cap if he meets any one of the requirements listed above.

Additionally, every team is allowed to give a player a five-year maximum extension on his rookie contract, like the one being given to Griffin.

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The power forward, who was in the final year of his rookie deal, made $5.7 million last year and will make $7.2 million next year. Griffin’s extension will begin with the 2013-14 season.

The former slam dunk contest champion has to wait until 9 p.m. Pacific Daylight Time Tuesday to sign. At that time the NBA’s moratorium will be lifted.

Last season Griffin averaged 20.7 points per game and 10.9 rebounds, while leading the Clippers to the Western Conference semifinals. Just last week Griffin added to an already lengthy list of accomplishments by being named to the U.S. Olympic team.

During the offseason, the Clippers have been busy providing help for Griffin and point guard Chris Paul. The team has resigned Chauncey Billups and acquired Lamar Odom and Jamal Crawford.

Paul’s contract is also expiring next season, but he has declined to sign a contract extension with the team.